Study: WA Economy Ranked Second Best in Nation
Monday, June 13, 2016
SEATTLE - High-tech firms and exports have rocketed Washington state's economy to the top of the nation. According to a survey by the website WalletHub, Washington has the second best economy in the country.
Jill Gonzalez, an analyst for WalletHub, says many of the state's prosperous attributes feed into each other.
"First, when we're just looking at exports per capita and how much money they are driving, Washington ranked number one," Gonzalez says. "And a lot of other things snowball into that. So we looked at the percentage of firms that are considered to be fast-growing, where Washington also ranked number one."
The survey considered three factors for its rankings: economic health, economic activity and innovation potential. Washington ranked first in economic activity. The only state above Washington overall was Utah.
Amazon buoyed the state's fast-growing, high-tech job market, although a lot of new startups also are boosting job numbers. While this is a good sign, Gonzalez says staying power is an important metric to keep in mind when considering a state's future growth.
"The thing with these startups is that after one, two, three, up to five years, a lot of them cease to exist," she says.
Gonzalez adds, new businesses in the state have a lot of support and resources, which bodes well for their success. Washington beat out other West Coast states, although they too were ranked high on the list.
California came in at number three and Oregon at number 10.
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